The Global Industrial Sensors Market is expected to grow from USD 20.6 billion in 2021 to USD 31.9 billion by 2026; it is expected to grow at a CAGR of 9.1% during 2021–2026. Key factors fueling this markets growth include rising adoption of Industrial 4.0 and IIoT in manufacturing; surging demand for smart sensor-enabled wearable devices; and technological advancements in industrial sensor. Predictive maintenance to offer lucrative opportunities to market players; and increasing demand from automobile manufacturers to deliver improved safety and comfort for smart sensors create a strong demand for industrial sensors for efficient industrial operations in the midst of COVID-19.
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Level Sensors Market to dominate in 2020
The market for level sensors accounted for the largest size in 2020. A level sensor is used to detect and measure the level of liquids, bulk solids, and other fluids. The level measurement is either continuous or in the form of point values. The need for level sensor arises due to various factors, such as the need for accuracy, appearance, response rate; ease of calibration of instruments; size of the instrument; monitoring and/or controlling of continuous or point level.
Contact type to dominate Industrial Sensors Market, in 2020
The market for contact type sensors is estimated to account for a larger share of the overall Industrial Sensors Market, in 2020. Contact level sensors involve physical contact between the device (comprising contact type industrial sensor) and media. The technologies used in contact type level sensors are magnetoresistive, vibratory probe, hydrostatic, magnetic and mechanical float, pneumatic, rotating paddle, resistive chain, and weight and chain. Some of the most common types of contact type sensors are temperature sensors, pressure sensors, force sensors, flow sensors, etc.
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APAC to hold the largest share of Industrial Sensors Market in 2020
In terms of value, APAC led the Industrial Sensors Market in 2020, accounting for the largest share of the overall Industrial Sensors Market, by region. As China is among the major industrial areas in the world, the Industrial Sensors Market in APAC is expected to record the largest market share by 2026. Key countries for the Industrial Sensors Market in APAC are China and Japan. APAC has vast opportunities for revenue generation from the industrial sector in the coming years.
Key Players in the Industrial Sensors Market are Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens, incorporated (Germany), Amphenol Corporation (US), Dwyer Instruments (US), and Bosch Sensortec (Germany). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, expansions, acquisitions, and collaborations to strengthen their position in the market.
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